Most Californians would be surprised to learn that 100 percent of education’s share of the tax increase proposed by Governor Jerry Brown will go to pensions instead of classrooms. But that would be no surprise to longtime observers of the California State Teachers’ Retirement System, which administers teacher pensions. Here’s why: After retirement, teachers are unconditionally guaranteed lifetime...
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In an effort to preserve existing services, Gov. Jerry Brown has proposed a temporary tax increase to generate new revenue of $9 billion per year for seven years. The Legislative Analyst’s Office says the proposed tax increase will yield less. Either way, little of...
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The stock market has recovered – at 13,200, the Dow Jones Industrial Average is above its 2008 high before the crash – yet state and local spending on pensions keeps growing at a fast clip. Because many government officials blamed the stock market crash...
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